Letter of Licence from Creditors to a Debtor. Obs. As to the effect of such a deed, see Pref. § 7; and as to the stamp, see § 11. To all to whom these Presents shall come We whose names and seals are hereunto set and affixed respive crs of (debtor) of, &c. send greeting Whas the sd (D) is indebted to us the sd crs in divers sums of money which he is at present unable to pay witht making sale of his este and effects to the great prejudice of his trade And whas being satisfied of the integrity of the sd (D) and the solvency of his affairs we have agrd to allow him the space of to enable him to pay the sd debts Now know ye That we the sd sevl crs of the sd (D) sevlly and resply and for our sevl and respive hrs exs ads ptners and ass but not for each or. or for the hrs exs ads ptnrs or ass of each or. Have at the request of the sd (D) given and granted and by these prests Do give and grant unto him the sd (D) free and full licence liberty and authy to attend follow carry on conduct and manage his sd trade and business and to transact and attend to all and evy his affairs matters and things whatsr at any place or places within the United Kingdom of Great Britain and Ireland at his free will and pleasure and witht any let suit action arrest attachment or or. impediment or molestation to be offered or done unto him his goods chattels mos or or. effects whatsr by us or any of us or our respive hrs ads ptnrs or ass or by our or their means or procurement for and during the space of mths next after the day of the date hereof if the sd (D) shd so long live And furr that we the sd (C) shall not nor will sue arrest attach or prosecute the sd (D) his exs or ads for or on acct of our or any or either of our debts or demands whatsr And moreover that if any such action arrest attachment or prosecution afd be prosecuted or commenced agst the sd (D) either in his psn goods or chattels within the sd term or period by us or any of us or by any or. psn or psns by or through our or either of our procurement or consent contrary to the true intent and meaning of these prests Then the sd (D) by virtue hereof Letter of Licence. Letter of shall be thenceforth and for ever acquitted exonerated Licence. and discharged of and from all and evy the debts claims and demands whatsr of such of us the sd crs our respive hrs exs ads ptnrs or ass by whom or by whose order means or procurement he the sd (D) his goods chattels mos estes or effects shall be so arrested imprisoned attached or damnified and this present letter of licence in any or either of the sd cases shall be and operate as a rele and may be pleaded in bar to the same debts claims and demands and to evy such action attachment arrest prosecution or process as afd In Witness, &c. Recital. Release. Release from Creditors to a Debtor under a Composition. To all, &c. We, &c. creditors of (debtor) of, &c. send greeting Whas the sd (D) being unable to pay and satisfy the whole of our respive demands hath proposed to pay to us his sevl crs the sum of shillings in the pound upon the amount of our respive debts being the sums set opposite to our respive names which we do hby declare to be the full amount of our respive demands agst him the sd (D) his este and effects And we the sd crs have consented to accept such composition in full discharge of our respive demands and to exte such rele as is hnaftr mentd and contd And whas we the sd sevl psns whose names are hereunder-written have respively recd the sevl sums of money set opposite to our respive signatures Now therefore know ye that for the conson afd we the sd sevl crs Do and each of us who have hereunto set our hands and seals Doth by these prests remise release and for ever discharge the sd (D) his hrs exs and ads and their and each of their lds goods and chattels of and from and agst all debts claims and demands whatsr as agst him the sd (D) which we ever had or could claim or demand and also of and from all and singr covts condons and agrts and also all actions and suits and causes of action and suit which we now have or ever had or can or may have agst the sd (D) his exs ads or ass in respect of our sd debts or any or. matter cause or thing whatsr concerning the same from the beginning of the world to the day of the date hereof In Witness, &c. Debt Signature Seal Composition Indenture of Release from Two Creditors to One Obs. As to the effect of a release to one partner, sce Pref. § 8. This Indre made, &c. Betn (releasors) of, &c. and (releasee) of, &c. of the or. pt Whas the sd (releasee) carried on the trade or business of a merchant in partnership with I F of, &c. under the firm of F and E And whas there were various transactions between the sd (releasors) and the sd F and E and the sd F and E having become embarrassed in their affairs stopped paymt and upon the balance of accts betn the sd F and E and the sd (releasors) the sd F and E stood indebted unto the sd (releasors) in a considerable sum of money And whas the sd E lately offered and proposed to the sd (releasors) to pay to them the sum of £ if the sd (releasors) would give and exte unto the sd E a rele or discharge for or in respect of the afd debt or demand on the sd F and E and they agrd to give such discharge subject to the provos and restrictions hnaftr contd Now this Indre Witnesseth That in conson of the sum of £ to the sd (releasors) in, &c. pd by the sd (releasee) at, &c. the rect, &c. And also in conson of promissory notes given and made paye to the sd (releasors) their exs ads or ass the rect of which sd notes (making togr with the sum of £ so pd as afd the sum of £-) they the sd (releasors) do hhy resply acknge And pursuant to and in exon of the sd agrt They the sd (releasors) Have and each of them Hath remised reld and discharged and by these prests do and each of them doth remise, &c. (see last precedent) Provided nevss and it is hby decld and agrd by and betn the parties to these prests and the true intent and meaning of them and of these prests is that these prests or any matter or thing herein contained shall not rele or be construed to rele or in any manner to prejudice or affect any claim or demand which the sd (releasors) or either of them have or ever had or which they or either of them or either of their exs ads or ass hraftr shall can or may have upon or agst the sd F or upon or agst the jt este or effects of the sd F and E in respect of the debt so due from the sd F and E or any pt of such jt estate or effects whether the same shall be in the hands of or recoverable from F&E or either of them or from any or. psn or psns whomsr And that it shall and may be lful for the sd (releasors) their exs ads and ass from time to time when and as they shall be thereto advised to commence and prosecute any actions suits or or. proceeding either at Release. Proviso that creditors may sue the partners. Release. law or in equity agst the sd E jtly with the sd For agst the sd E his exs ads or ass separately for the purpe of recovering or compelling or of enabling the sd (releasors) their exs ads or ass to recover or compel paymt or satisfaction of the debt so due and owing from the sd F and E to the sd (releasors) as afd either by or out of the jt este of the sd F and E or by or from the sd F his exs ads or ass or his separate este and effects Provided always and it is hby furr decld and agrd by and betn the pties to these prests and it is the true intent and meaning of them and of these prests that in case deft shall be made in the due paymt of any two of the before "mentd promissory notes successively to fall due in such manner that any two of the promissory notes shall be due and unpaid at the same time Then and in such case these prests and evy matter or thing herein contd shall from and immly after such deft be absolutely void and of no effect And the sd sum of £ and all and evy or. sum or sums of money which may at any time be pd in discharge of any of the sd promissory notes shall be carried to the acct of the sd F and E with the sd (releasors) and all the debts claims and demands of the sd (releasors) their exs ads and ass by reason or in respect of the deft hnbefe mentd to be due to them from the sd F and E either upon or agst F and E jtly or separately their or either of their exs or ads shall from and immly after such deft be in full force and virtue as to so much of the debt so due to the sd (releasors) as afd as shall remain unpd in like manner to all intents and purps as if these prests had not been made any thing herein contd to the contrary thereof in anywise notwithstanding In Witness, &c. Memorandum Indorsed on the above Deed of Release. This deed is deposited by the within-named (releasors) and by G B of, &c. on the pt of the withinnamed (releasee) with E L of, &c. who is to deliver it to (releasee) his exs or ads or his or their order after due paymt of the within-mentd promissory notes according to the tenor and meaning of the withinwritten indre of rele but in case of any deft in paymt of the promissory notes or any of them according to the tenor and meaning of the within-written indre E L is to deliver up the indre to the sd (releasors) their exs or ads to be cancelled In the mean time the indre is to remain in the hands of the sd E L for the purps afd Conveyance of Freeholds in Trust for Creditors where the Debtor is a Trader. (General Precedent.) Obs. 1. As to the validity of a deed of this kind, see Pref. s. 9, and as to the stamp, see § 11. Power of 2. A power of sale given to two or more trustees, will not sale to sursurvive, unless it be expressly so stipulated by the deed; Townsend v. Wilson; 3 Madd. 261; S. C. 1 B. & A. 608. 3. As trustees cannot delegate their power, it may be sometimes prudent to give them express authority to that effect. vivors. Delegating trust. Power to 4. As it is doubtful whether, under a trust to raise money by sale or mortgage, the trustees having mortgaged, can afterwards sell to pay off that mortgage; Palk v. Ld Clinton; 12 Ves. 48; it may be proper to provide for this event in the deed. 5. Under the usual clause, that the receipts of trustees shall be valid discharges, it is necessary for all the trustees to join in the discharge where a trustee has only released to his co-trustee, and not absolutely renounced his trust, it has been held, that his discharges. signature is necessary to make a valid discharge; Crew v. Dicken, 4 Ves. 97. trustees, valid 6. Where an estate is to be sold for the payment of debts Liability of generally, the purchaser is not bound to see to the application of purchaser. the purchase-money; but where the debts are scheduled, he is bound so to do, unless the deed, from the terms of it, exonerates him; Dunch v. Kent; 1 Vern. 260. Spalding v. Shalmer, ib. 303. Binks v. Ld Rokeby; 2 Madd. 227. See further Obs. next precedent. This Indre made the, &c. Betn (debtor) of, &c. (a) of the one pt (trustees) of, &c. creditors of the sd (D) and trustees named and apptd on behalf of themselves and the or. crs of the sd (D) for the purps hraftr mentd of the or. pt Whas (recite seisin, see Bankruptcy) (b) And whas the sd (D) is and stands justly indebted to various psns in divers sums of money on mortge or or. secties which he is desirous of discharging and hath agreed for the more speedy paymt thof to convey the sevl lds and heredts hnafter described to the sd (trustees) in trust to sell Now this Indre witnesseth that in pursuance of the sd agrt and for and in conson of 5s., &c. He the sd (D) (c) Hath granted (a) If the debtor is possessed of an estate in right of his wife, or is tenant in tail as to parties, see Fines and Recoveries. (b) If the debtor be tenant in tail, recite seisin, see Bankruptcy. Also the consent or otherwise of the protector, see Fines and Recoveries. If it be an appointment under a power, recite the deed creating the power, see Appointments. And if the debtor took the estate to himself and a trustee, to prevent dower, see Recitals. (c) If it be an appointment under a power, say, by virtue and in pursuance of the powers authies and limitations in the sd in pt recited indre contd and in exercise of all or. powers in him vested to him given or him in any wise enabling in this behalf |